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Halvarsson, Daniel. "Firm Dynamics : The Size and Growth Distribution of Firms". Doctoral thesis, KTH, Samhällsekonomi (Stängd 20130101), 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-118333.
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This thesis is about firm dynamics, and relates to the size and growth-rate distribution of firms. As such, it consists of an introductory and four separate chapters. The first chapter concerns the size distribution of firms, the two subsequent chapters deal more specically with high-growth firms (HGFs), and the last chapter covers a related topic in distributional estimation theory. The first three chapters are empirically oriented, whereas the fourth chapter develops a statistical concept.QC 20130215
2
Warren-Codrington, Alastair. "Trade liberalization and firm dynamics evidence from Indian firms". Master's thesis, University of Cape Town, 2012. http://hdl.handle.net/11427/12195.
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Includes abstract.Includes bibliographical references.
This paper aims to investigate the firm level effects from the removal of trade barriers. It uses firm level data on Indian firms, and employs simple but effective specifications aimed to analyze the differential effects in sales and prices of goods previously quota bound compared to unbound products.
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Yang, Jingwen. "Earnings management in European private firms versus public firms". Thesis, Bangor University, 2018. https://research.bangor.ac.uk/portal/en/theses/earnings-management-in-european-private-firms-versus-public-firms(d6ea5125-6e4d-48c6-a806-f0baf7777a7e).html.
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This thesis presents three papers which empirically investigate earnings management (EM) in European private and public firms. Highlighting the importance of private firms, according to the Federation of European Accountants (2016), there are 99% of firms which are registered as private firms, and are considered as the backbone of the European economy. Similarly, there are around 29 million private firms in the U.S., which account for 86% of U.S. firms and generate almost one-half of the nation’s GDP. To date there is limited evidence about private firms’ EM activities. The thesis attempts to fill this gap by not only analysing EM in private firms, but also by comparing the EM of private firms with that of public firms, and in so doing, assesses whether determinants of EM are similar for both types of firms. The sample used in this study comprises both private and public firms domiciled in 11 European countries for which consolidated financial statements are available for the period from 2001 to 2013. These countries are Belgium, Finland, France, Germany, Greece, Italy, The Netherlands, Portugal, Spain, Sweden, and the U.K. In developing the testable hypotheses, the study employs several theoretical frameworks related to EM including the ‘opportunistic behaviour’ and ‘demand’ theories. The main aim of the first paper is to assess the extent of EM for private and public firms domiciled in Europe. In particular, this paper examines the degree of EM for both private and public firms by considering, in part, the influence of country-level factors including legal enforcement, investor protection and tax systems, as well as the adoption of IFRS. The empirical results show that private firms are more likely to engage in EM than public firms, and the effects of IFRS in lowering EM is more pronounced for public firms than for private firms. Furthermore, country-level factors including legal enforcement, investor protection rules and tax rates are important determinants of EM. Given that enhancing country-level legal enforcement systems and investor protection may reduce the use of EM further in both private and public firms, the current study suggests that standard-setters should consider some of the country-level variables to better guarantee the quality of accounting information across countries. The second paper examines the accrual based EM of private and public firms domiciled in Europe, and questions whether IFRS adoption has improved EM. The paper further examines whether EM between private and public firms differs in the following three scenarios (i) due to the need to meet earnings benchmarks, (ii) when obtaining external financing and (iii) when VI the firm employs a Big4 auditor. The results suggest public firms, in general, have lower EM and report more conservatively than private firms. This result is consistent with the argument that on average public firms need to provide higher quality financial information to investors and other stakeholders relative to private firms. However, the finding suggest public firms’ lower EM is mitigated or decreased in the three settings mentioned above. Finally, this paper observes that the EM of public firms has decreased post-IFRS adoption, supporting the view that IFRS has improved the financial reporting quality of public firms. The third paper assesses the degree of real earnings management (REM) for private and public firms domiciled in Europe. This paper further examines some settings that present clear incentives to manage earnings such as (i) to meet earnings benchmarks, (ii) when obtaining external financing, (iii) when leverage is high, and (iv) when losses are large. The empirical results show that public firms engage in more earnings management through real operating activities, and that REM in public firms increased following IFRS adoption, relative to private firms. Furthermore, this study finds that public firms, overall, face stronger incentives to manage earnings than do private firms’ managers in the four settings mentioned above. The study contributes not only to the EM literature on non-accrual earnings management, but also the current debate on IFRS adoptions.
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Trifunovski, Alexandar, i Max Steén. "Micro-firms and the auditor : a study of the individual-firm commitment between auditors and exempted firms in Sweden". Thesis, Högskolan Kristianstad, Sektionen för hälsa och samhälle, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:hkr:diva-9585.
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Purpose: The purpose with this dissertation is to examine the individual–firm commitment between auditors and exempted firms from the client perspective and how it is influenced by relational influencing factors. The impact of these factors is investigated through a three component model incorporating affective, calculative and normative commitment. Method: The study encompasses a triangular research method and can be seen as a twofold complementary approach. The choice of methodology seeks to qualitatively investigate how auditors actively work to impact the level of trust, social bonds and satisfaction as well as the level of commitment in their relationship with the exempted firm. The intention is to complement the findings from the qualitative study with quantitatively measured factors from the client’s perspective using a survey strategy. Conclusion: The findings of this study indicated that micro-firms are predominantly affectively committed to their auditor based on positive feelings of attachment and less due to normative and calculative reasons. Trust and satisfaction proved to be the most significant factors in ensuring long-term and enduring relationships between auditors and micro-firms. Implications: Affective commitment proved to be the most significant construct in explaining the characteristics of the auditor-micro firm relation in this study. By critically evaluating the relationship, the auditor can assess to which degree trust, social bonds and satisfaction can be implemented to strengthen the commitment of the exempted firm, thus influencing their long-term staying intention.
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Macau, Flávio Romero. "Knowledge effect on firm performance in manufacturing and service firms". reponame:Repositório Institucional do FGV, 2010. http://hdl.handle.net/10438/4509.
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Previous issue date: 2010-03-02T00:00:00ZThis thesis seeks to examine the difference between manufacturing and service firms with respect to the effects of knowledge on performance, and the influence of market turbulence in this relationship. Empirical data, resulting from a survey, was collected from more than 1,206 firms, involving several sectors. Two samples were analyzed, one with 334 manufacturing and other with 509 service firms. The findings indicate no significant difference in the importance of knowledge on performance between these sectors in the absence of market turbulence: knowledge development (KD) has a stronger effect than culture of competitiveness (CC) on firm performance. However, under market turbulence, manufacturers differ from service providers. The positive effect of KD is enhanced, while the positive effect of CC remains the same for manufacturing firms. On the other hand, the positive effect of KD is diminished, while the positive effect of CC is enhanced for service firms. This supports the argument concerning differences in the nature of manufacturing and service industries. From a managerial point of view, results confirm the importance of knowledge, irrespective of firm sector or market turbulence. However, while industrial firms should center efforts on KD, service firms must find a balance where knowledge development (e.g. norms, processes, routines) does not impair their culture of competitiveness (e.g. learning, innovation, action). The thesis contributes to existing literature by proposing that: (1) the positive effect of knowledge on performance is confirmed; (2) under turbulent markets manufacturing and service firms have different responses concerning the influence of knowledge on performance; (3) a multidimensional performance construct based on cost, profitability, and growth is an interesting way to evaluate firm sustained competitive advantage, rather than one-dimensional constructs; (4) the CC x KD interaction, found relevant for supply chains in previous studies, is not supported for firms; (5) differences in unit of analysis, e.g. from supply chains to firms, result in different effects of KD and CC on firm performance; (6) existing scales can be improved with the addition of more diverse indicators, capturing a wider range of concepts (e.g. information transfer measurement); and (7) results from previous studies are supported for Brazilian firms, contributing for theory generalization.
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Vatan, Antoine. "Interactions of firms in international trade models". Thesis, Paris 1, 2014. http://www.theses.fr/2014PA010069.
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La théorie du commerce international commença à prendre en compte les firmes dans le début des années 1980. Suite à l’échec des théories traditionnelles à expliquer l’importance du commerce intra-branche, des modèles de concurrence monopolistique (Krugman 1979,1980) et oligopolistique (Brander, 1981) ont été développés. Ces deux approches sont regroupées sous le terme "nouvelle théorie du commerce international". Ainsi qu’il sera expliqué infra, la concurrence oligopolistique est restée négligée dans les trente dernières années, alors que la concurrence monopolistique est devenu le cadre standard. Par rapport aux théories traditionnelles, ces deux types de modèles apportent un changement majeur : la présence des firmes. Néanmoins une différence non moins majeure existe entre concurrence oligopolistique et monopolistique. Alors que la firme est capable d’agir stratégiquement quand elle est en concurrence oligopolistique, elle reste représentative dans un cadre de concurrence monopolistique. Cette différence explique partiellement le fait que le cadre oligopolistique fut délaissé. Alors que la première motivation de la nouvelle théorie du commerce fut de proposer une explication aux flux de commerce intra-branche, l’intuition selon laquelle les firmes doivent être prises en compte fut remis à l’ordre du jour par une littérature empirique des années1990-2000.Grâce à l’émergence de données d’entreprises, nous avons découvert que seules une faible partie des entreprises exportent et que la probabilité de participer ou non au commerce n’est pas aléatoire. En effet, la probabilité d’exporter et la productivité sont fortement corrélées. De plus, parmi les exportateurs, il y a également une forte hétérogénéité. Un des faits les mieux acceptés par les économistes est que les exportations d’un pays sont très concentrées sur quelques (grosses) entreprises. Melitz (2003) en a proposé une explication théorique. En introduisant des firmes hétérogènes dans un modèle à la Krugman, ce modèle prédit, contrairement à la nouvelle théorie du commerce international, que seule une fraction des entreprises exporteront - les plus productives. Cette approche théorique devint rapidement le nouveau cadre standard de la littérature et est également connu sous le nom de "nouvelle nouvelle théorie du commerce international". La présente thèse vise d’abord à prendre part au débat concernant la pertinence de cette nouvelle approche théorique eu égard aux stratégies des firmes à l’exportation. Ensuite, elle essaie de plaider, parmi d’autres, pour un retour des interactions stratégiques dans les modèles de commerce international afin d’affiner notre compréhension des exportations et des firmes multinationales. [...]Firms were introduced into trade theory in the early 1980s. After traditional trade theory failed to explain the importance of intra-industry trade, monopolistic competition (Krugman, 1979, 1980) and oligopolistic competition(Brander,1981)models were developed. These two approaches are in fact grouped under the label "new trade theory". As will be explained further, oligopolistic competition was quite neglected in the last thirty years, while monopolistic competition became the standard framework in the trade literature. These two frame works share a common feature which represents a major change compared to previous perfect competition models: the presence of firms. Nevertheless, a notable difference between the two is that firms are representative in the monopolistic competition framework, while they are able to act strategically in an oligopolistic setting. This partly explains why the former has been the most used. While the first motivation of new trade theory was to provide a rationale for trade patterns, the intuition that firms had to be taken into account was supported by a broad strand of empirical literature in the 1990s-2000s. Thanks to the emergence of firm-level data, trade economists discovered that only a handful of firms are responsible for the bulk of international trade. The most important feature, and probably the best known and most discussed by trade economists, is that firms’ participation in trade is far from random. Only the most productive ones export. Beyond this comparison between exporters and non-exporters, there is also much heterogeneity among exporters themselves. This fact found a rationale thanks to Melitz (2003) who introduced heterogeneous firms into a monopolistic competition model à la Krugman. This model became the most used in trade and is the cornerstone of "new new trade theory". The present Ph.D. dissertation first tries to take part in the debate about the relevance of monopolistic competition models in new new trade theory with respect to exporting firms’ strategies. Second, this dissertation tries to contribute to showing the need to put strategic interactions back into trade models in order to enhance our understanding of exporting and multinational firms. [...]
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Smagghue, Gabriel. "Essays on the impact of international trade and labor regulation on firms". Thesis, Paris, Institut d'études politiques, 2014. http://www.theses.fr/2014IEPP0022/document.
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La littérature récente en commerce international et macroéconomie a souligné le rôle majeur de grandes firmes dans les résultats agrégés d'une économie. Les grandes firmes influencent, inter alia, les fluctuations économiques, les performances à l'exportation et les inégalités de salaires et de coût de la vie. Il est donc crucial de saisir comment les grandes firmes émergent et se comportent. Cette thèse s'intéresse à trois aspects de cette question. Premièrement, j'étudie comment les firmes ajustent la qualité de leurs produits à une intensification de la compétition "low-cost" sur les marchés étrangers. Pour ce faire, je développe une nouvelle méthode d'estimation de la qualité des produits au niveau firme et je trouve que les firmes augmentent leur qualité en réponse à la compétition "low-cost". Deuxièmement, j'examine la manière dont les firmes ajustent leurs ventes lorsqu'un choc de demande (e.g., une récession) frappe une de leurs destinations. Dans le cadre de l'industrie du Champagne durant la récession de 2000-2001, je montre que les firmes ré-allouent leurs ventes vers les marchés dont les conditions de demandes sont plus favorables. Cela suggère un nouveau mécanisme de diffusion internationale des chocs. Finalement, je regarde la manière dont les firmes ajustent leur taille et leur mix de capital et travail lorsque la régulation du travail contraint plus fortement les grandes firmes. Dans le cas du seuil de 50 employés en France, je trouve que les firmes se contractent et substituent du travail au capital pour limiter le coût de la régulation. Au niveau macro, mes résultats suggèrent que la régulation profite aux travailleurs mais pas aux détenteurs de capitalRecent literature in international economics and macroeconomics has pointed to the major role played by large firms in shaping aggregate economic outcomes. Large firms influence, inter alia, economic fluctuations, performance on export markets and inequalities between workers and between consumers. It is therefore crucial to understand how large firms emerge and behave. In the present thesis, I look at three independent aspects of this question. First, I study how exporting firms adjust the quality of the products they export in response to an intensification of "low-cost" competition in foreign markets. To this end, I develop a new method to estimate the quality of products at the firm-level and I find evidence that firms upgrade quality in response to "low-cost" competition. Second, I investigate the way exporting firms adjust their sales when a demand shock (e.g. an economic recession, a war) occurs in one of their destinations. In the context of the Champagne wine industry during the 2000-2001 economic recession, I show that firms reallocate their sales toward markets where demand conditions are relatively more favorable. Lastly, I look at the way firms adjust their size and their mix of capital and labor in response to labor regulations which are more binding to large firms. I find that firms shrink and substitute capital for labor to mitigate the labor cost of the regulation. At the aggregate level, preliminary results suggests that workers gain from the regulation while capital owners lose
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Zheng, Jingchen. "How do family firms cope with economic crisis? : Case studies about Chinese family firms". Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-13480.
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Introduction:The current economic crisis started in 2007 warned many business pro-fessions how important it is to react to the crisis quickly and properly. Many studies have been conducted on family businesses about their special resources environment, succession, governance etc. There are barely literature has ever mentioned about how family business cope with economic crisis. Thus, the author conducted such a study on this topic to explore more in family business study.Purpose:To enhance the understanding of economic crisis management in fam-ily business, this thesis will analyze the actions of family firms during the economic crisis. This research aims to investigate how unique fam-ily firm resources influence the way they cope with the economic crisis.Method:A qualitative research has been conducted in this study. In-depth inter-views were conducted in two family business firms with the business owners and other high level position staff who have clear picture about the management during economic crisis. Tele-interview was adopted due to the distance limit.Conclusions:During economic crisis, family firms do not use layoff as a major means to cost down. They keep relative stable relationship with their employ-ees as well as other business partners. They seek financial and other help from the family members or in the family network rather than other external resources such as bank etc. The governance also con-cerns more on employee benefits.
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Håkansson, Johan, Zuzana Macuchova i Rudholm Niklas. "Predicting entry of Swedish wholesale firms into local markets". Högskolan Dalarna, Kulturgeografi, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:du-12227.
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Applying microeconomic theory, we develop a forecasting model for firm entry into local markets and test this model using data from the Swedish wholesale industry. The empirical analysis is based on directly estimating the profit function of wholesale firms. As in previous entry studies, profits are assumed to depend on firm- and location-specific factors,and the profit equation is estimated using panel data econometric techniques. Using the residuals from the profit equation estimations, we identify local markets in Sweden where firm profits are abnormally high given the level of all independent variables included in the profit function. From microeconomic theory, we then know that these local markets should have higher net entry than other markets, all else being equal, and we investigate this in a second step,also using a panel data econometric model. The results of estimating the net-entry equation indicate that four of five estimated models have more net entry in high-return municipalities, but the estimated parameter is only statistically significant at conventional levels in one of our estimated models.
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Pierk, Jochen. "Are Private Firms Really More Tax Aggressive Than Public Firms ?" WU Vienna University of Economics and Business, Universität Wien, 2016. http://epub.wu.ac.at/5053/1/SSRN%2Did2758756.pdf.
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This paper tests the notion that private firms are more tax aggressive than public firms.
Tax avoidance measures, e.g. effective tax rates, cannot be used to compare private
and public firms when private and public firms have different levels of importance on
financial accounting earnings (Hanlon and Heitzman 2010). To disentangle financial
reporting incentives from tax aggressiveness, I use the fact that European groups must
prepare two sets of financial statements: first, group statements (consolidated), which
provide information to investors, and, second, individual statements (unconsolidated),
which are used for legal purposes, but not to inform investors. Since in individual
statements financial reporting incentives do not vary between public and private firms,
I use these effective tax rates to compare private and public firms. My findings show
that public, not private, firms are more tax aggressive, as the effective tax rates of
public firms are lower in individual and group statements. (author's abstract)Series: WU International Taxation Research Paper Series
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Oyinlola, B. (Blessing). "Board composition and firms’ performance:empirical evidence from Nordic listed firms". Master's thesis, University of Oulu, 2018. http://urn.fi/URN:NBN:fi:oulu-201804041426.
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Board composition plays a significant role in corporate governance; the board is responsible for making strategic, tactical and operational decisions for the company on behalf of the shareholders and the stakeholders. This study examined the effect of some corporate board composition characteristics on the performance of listed firms in Nordic Countries (Finland, Sweden, Denmark and Norway) from 2012 to 2016.
Although each country in the Nordic region has its Corporate Governance Codes, Nordic corporate governance code also known as ‘Nordic Model’ provides some recommendations for Nordic countries. The suggestions in this model are similar to the individual corporate governance code of each country. The rule stipulated that board should be independent of the company; hence, the majority of the Nordic listed corporations have entirely or predominantly non-executive boards. Further, there should be fair representation of gender diversity on board and members should have necessary skill and experience to perform efficiently.
The analysis was carried out on the sample of 552 firm-year observations. Starting with descriptive statistics of data, followed by Pearson’s correlation analysis and then OLS regression. The analysis was done by examining the impact of board composition characteristics, board size, gender diversity, board independence and board experience on firm performance (ROA) while controlling for variables of firm size, leverage, and liquidity. An additional test was performed by adding another control variable to examine the effect of industry type. The industry variable gets a value of one or zero for each classification. The regression result of the industry effect remained the same as the original OLS regression result. The coefficient retained the same positive or negative signs.
The OLS result shows a significant association between board size and firm performance. This implies that board size of Nordic listed firms has an impact on firm performance. However, the result of gender diversity reported no significant relationship between the percentage of female representation on board and firm performance. Regarding the impact of board independence on firm performance, the OLS result shows a positive association between board independence and firm performance. Concerning board experience, the result shows a significant positive association between board experience and firm performance. The results of this study are in line with previous studies.
This study has relevant implications for management, shareholders as well as academicians on corporate boards and corporate performance. The result will enable the Nordic listed firms’ management and policymakers to make a better decision on issues regarding board composition. Also, both existing and potential shareholders can assess the board composition to make a better decision on their investment. Further, the result of this study provides evidence to corporate governance theories, thereby, indicating the needs for corporate governance regulators to gain more insight into board’s functioning.
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Intakhantee, Naunghathai. "The role of a firm's political connections in foreign direct investments and firm performance : evidence from listed Thai firms". Thesis, University of Leeds, 2017. http://etheses.whiterose.ac.uk/19271/.
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This thesis aims to extend previous research that discussed the role of business-government relationship on outward foreign direct investment (OFDI) by focusing on its performance consequences. Three research objectives are pursued to answer the primary research question on how connections the firms make with political actors at home country can influence the effect of the firm’s OFDI on its performance. Based on resource dependence theory (RDT) and institutional theory, two research frameworks are proposed to test the contingent value of the type of political actors and the host countries. The research findings show that the effect of the home-country political connections and OFDI on firm performance varies depending on the type of political actors and the investment location. Political connections in aggregate influence the effect of OFDI on firm performance negatively, but, with the specific type of political actors and investment location, the political connections can facilitate OFDI to increase firm performance. Top-level political actors are not always beneficial to the firm’s OFDI in enhancing firm performance, but executive and legislative ties are useful. OFDI in developing countries, in general, benefits from home-country political connections, particularly with foreign-investment regulating and supporting agencies. OFDI in developed countries, in contrast, is hindered by high degree of political connections, especially with foreign-investment regulating and supporting agencies. Based on the findings, this research extend existing research in international business by providing the evidence that home-country political connections can influence the firm’s OFDI to affect its performance. This study also extends the discussion on corporate political strategy by providing the contingent value of the type of political actors and the investment location that uniquely influence the role of political connections on OFDI and firm performance.
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Bjuggren, Carl Magnus. "Family Matters : Essays on Family Firms and Employment Protection". Doctoral thesis, Linköpings universitet, Nationalekonomi, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-100156.
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This thesis is a study of firm dynamics, family ownership, and employment protection. It addresses the implications of employment protection on firm productivity and how family owned firms react differently with regard to economic shocks. It also investigates whether family ownership matters for the probability of exhibiting high growth. By using a novel data identification strategy, family ownership is identified in full population register data. The thesis also highlights some important caveats in the official statistics on self-employment.Denna avhandling behandlar företagsdynamik, familjeägande och anställningsskydd. I avhandlingen analyseras anställningsskyddet och hur det påverkar företagens produktivitet, samt hur familjeägda företag reagerar på chocker inom industrin. I avhandlingen analyseras också hur familjeägande påverkar sannolikheten för ett företag att uppnå en hög tillväxttakt. Genom att kombinera olika statistikkällor kan samtliga familjeföretag i den den svenska företagspopulationen identifieras. Avhandlingen belyser också några av de problem som finns i den officiella statistiken över egenföretagare.
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Richter, Nicole. "Internationalisation and firm performance an empirical analysis of German manufacturing firms". Hamburg Kovač, 2009. http://d-nb.info/1000543315/04.
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Wang, Lina, i Qiong Wu. "Enterprises Internationalize with Firm-specific Advantages : Case Study of Swedish Firms". Thesis, Halmstad University, School of Business and Engineering (SET), 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-2538.
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Business has changed and developed fast and drastically through internationalization, which has drawn many scholars’ attentions. The dissertation will focus on the firm-specific advantages (FSAs) which allow firms to go to the international markets.
The theoretical framework of this dissertation contains four proxies of the firm’s specific advantages, including entrepreneur, market knowledge, network, and technology. In this dissertation, this framework will guide us to collect and analyze the empirical data.
The qualitative research strategy is employed in this dissertation. Utilizing the multiple case study, we choose two sample companies, both from Halmstad. The empirical data was gathered through semi-structured personal interviews. Data was also supplemented with secondary data, such as web pages and scientific articles.
The finding of this dissertation is that market knowledge and experience is a crucial, firm-specific advantage, which facilitates firm’s international expansion. In addition, the entrepreneur and network variables also have an impact on the internationalization process in direct or indirect ways. However, the study does not find obvious evidence that technology does help firms go to the foreign markets a lot.
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Choi, Hye Lin. "Essays in Multinational Firms and Productivity Growth of Domestically-Owned Firms". The Ohio State University, 2014. http://rave.ohiolink.edu/etdc/view?acc_num=osu1396886658.
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Shi, Wei. "HR practices and challenges in Chinese firms : comparison with Western firms". Thesis, Queensland University of Technology, 2010. https://eprints.qut.edu.au/46238/1/Wei_Shi_Thesis.pdf.
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This research compares Chinese HRM with Western HRM, particularly in the areas of development of HR information systems (HRIS) and HR measurement systems and their relation to HR’s involvement as a strategic partner in firms. The research uses a 3-stage model of HRIS (workforce profiling, business insight, and strategic driver) based on studies of Irmer and Ellerby (2005) and Boudreau and Ramstad (2003) to compare the relative stages of development of Chinese and Western HRM. The quantitative aspect of the study comprises a survey of senior HR practitioners from 171 Chinese firms whose data is compared with data from Irmer and Ellerby’s study of Australian and U.S. HRM (2005) and Lawler et al’s series of studies of U.S firms (1995, 1998, 2001, 2004). The main results of the comparison are that Chinese HRM generally lags behind Western HRM. In particular, Chinese HR professionals allocate less time to strategic activities and their roles are less strategic than those of Western HR professionals. The HR measurement systems of Chinese firms are more limited in function, and the HR information systems of Chinese companies are less automated and integrated. However there is also evidence of a “two speed” HR system in China with a small proportion of firms having highly sophisticated HR systems but with a much larger proportion of Chinese firms than in the West having only the most basic HR information systems. This ‘two speed” system is in part attributable to a split between the relatively advanced HR systems of large State Owned Enterprises and the basic systems that predominate in smaller, growing Local Private firms. The survey study is complemented by a series of interviews with a number of senior Chinese HR practitioners who provide richer insights into their experiences and the challenges they face in contemporary Chinese firms.
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Elert, Niklas. "Economic dynamism : essays on firm entry and firm growth". Doctoral thesis, Örebro universitet, Handelshögskolan vid Örebro Universitet, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:oru:diva-34804.
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The topic of this thesis is economic dynamism. The five articles contribute to the literature on firm entry and firm growth. Studies are based on a dataset covering all Swedish limited liability firms between 1997 and 2010. The first article investigates conditions for firm entry in Sweden, distinguishing regular entrants from entrants that survive for at least two years, modelling the firm entry decision using count data models. While high income and a well-educated population had a positive effect, the effect was more important for surviving entrants. The second article uses a similar method, but focuses on wholesale industries and distinguishes between regular entry and in migration of firms, i.e. when an incumbent firm relocates its operations. Access to a university, many educated workers and low local taxes had positive effects. Better access to infrastructure had a strong positive effect on entrants, but it was smaller for in-migrating firms. The third article investigates if the industry context matters for whether Gibrat’s law holds, i.e. whether firm growth is independent of firm size. The law is found more likely to be rejected in industries with a high minimum efficient scale and a large number of firms located in metropolitan areas, but more likely to hold in industries with high market concentration and more group ownership. The fourth and fifth article contribute to the high-growth firms (HGFs) literature. In the fourth article it is examined whether the way HGFs are defined matters for the policy implications. It is found that the economic contributions of HGFs differ significantly depending on definition. Young firms are however more likely to be HGFs irrespective of definition. The fifth article considers the frequent argument that policymakers should target high-tech firms, i.e., firms with high R&D intensity, because such firms are thought more likely to become HGFs. We examine this assumption by studying the industry distribution of HGFs. Results indicate that industries with high R&D intensity, ceteris paribus, can be expected to have a lower share of HGFs than can industries with lower R&D intensity. By contrast, we find that HGFs are overrepresented in service industries with a high share of human capital.
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Afolayan, Oluwaseun Babatope. "The Growth of Small Firms: An Alternative Look Through The Lens of Effectuation". Thèse, Université d'Ottawa / University of Ottawa, 2014. http://hdl.handle.net/10393/31178.
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The importance of small firms in a country’s development cannot be over-emphasized. In particular, it is important for them to grow in order to sustain their contributions to a country’s economy. Studies have shown how firms achieve growth using the traditional model of decision making (causation) in which planning, market research and forecasting are used to gain relevant information about the firm’s market/industry. This planning enables the firms to compete favourably with other existing firms in the market.
Effectuation as an alternative theory involves decision-making processes under conditions of uncertainty where there is no adequate knowledge of the market due to its latent and emerging nature. Effectuation has been used to examine various concepts in entrepreneurship, but there has been no real effort to apply it to the growth of small knowledge-intensive firms (SKIFs).
This study, based on in-depth interviews with six SKIFs, highlights how effectuation can be applied to the growth of SKIFs and it examines how the four underlying principles of contingencies, affordable loss, strategic relationships and adaptation contribute to SKIF growth. In addition, elements of causation are also shown to be relevant, leading to the conclusion that the two models can be used jointly to achieve growth of SKIFs.
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Alzoubi, Abdallah, i Yasir Alazawi. "Capital budgeting techniques and firms´ performance. Case study: Jordanian listed services firms". Thesis, Umeå University, Umeå School of Business, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-35656.
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Capital investment decision is one of the most important decisions, because it is thought to be affecting the short and long run situations of firms, and according to theory, it is thought to be affecting shareholders’ wealth. The researchers have recognized the two previously mentioned phases and conducted this study.
This study aims at identifying the extent to which capital budgeting techniques and its related practices are used by Jordanian listed services firms, and identifying reasonable justifications behind that pattern of this use. The study also aims at identifying if there is any relationship between firms’ performance and the degree of capital budgeting sophistication.
The researchers planned the study by formulating 3 research questions; these are, what are the capital budgeting techniques and their related practices that used by Jordanian listed services firms? Why Jordanian listed services firms use some capital budgeting techniques rather than others? What is the effect of the technique used on the firm’s performance?
To answer these questions, the researcher developed a questionnaire and addressed it to the capital budgeting decision makers of Jordanian listed services firms. The sample of the study is the whole population; 63 Jordanian listed services firms. The researchers received back 38 usable replies after which they started their statistical analysis to reach at findings about their first two questions. As to the third question, the researchers used a multiple regression model that explains performance by the degree of sophistication and size of the firm. The researchers run the analysis for the multiple regression model on 30 firms, the firms that have their financial statements available at JSC.
The results showed that PBP is the most used technique by the Jordanian listed services firms, followed by NPV, PI, ARR, and IRR. The results showed that the practices related to capital budgeting techniques; cost of capital estimation methods, risk analysis techniques, and cash flow forecasting techniques, are not widely used by the Jordanian listed services firms because of the domination of subjective judgment.
When started their study, the researchers expected that the selection of the capital budgeting techniques is explained by demographical characteristics, type of capital investment decision, and\ or the perception of the respondents to the advantages and disadvantages of each technique. The results showed that academic qualification has a positive effect on the use of DCF techniques, while the type of capital investment decision has no effect on the capital budgeting techniques selection. Based on the respondents’ perception to the advantages and disadvantages of each technique, the advantages of PBP and NPV explain their high use, and the disadvantages of IRR explain its low use. Finally, the results of the multiple regression analysis indicate that there is no relationship between the degree of capital budgeting sophistication and the performance of the firms.
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Strecker, Nanja. "Innovation strategy and firm performance : an empirical study of publicly listed firms /". Wiesbaden : Gabler, 2009. http://d-nb.info/994651236/04.
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Arslan, Safa. "HRM and firm performance : an investigation of Turkish mid-size IT firms". Thesis, Aston University, 2017. http://publications.aston.ac.uk/31753/.
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This research aims to explore and highlight the nature and type of human resource management (HRM) practices exist, and explain how they contribute towards firm performance in medium-sized information and communication technology (IT) businesses in Turkey. To achieve this, a mixed methods approach was adopted involving two phases of data collection. In Phase 1, data were collected from 55 participants at 14 firms, which highlighted the nature of HRM practices prevalent at the research firms and explored the linkages between HRM and firm performance and employee performance. Furthermore, during this Phase, an integrated multi-level model of HRM and performance was developed. This model presents relationships between HRM, organisational citizenship behaviour (OCB) and intellectual capital of the firm at employee level. Moreover, it also presents linkages between HRM practices, corporate entrepreneurship (CE), intellectual capital and financial performance at the firm level. Phase 2 of the study adopted a survey method to test the model developed in Phase 1. For this, data were collected from 310 employees and managers at 21medium-sized IT firms in Turkey. Overall, the findings suggest that medium-sized IT firms are becoming more innovative and proactive via enhancing the effectiveness of HRM. HRM practices also help employees by improving their creative and organisational behaviours. The study also indicate that HRM practices play a mediator role between HRM and corporate entrepreneurship. This study contributes to the growing body of literature on HRM in Turkey in general and the role of HRM in supporting mid-sized IT firms in Turkey in particular, by employing a mixed method approach involving both qualitative and quantitative studies. It also contributes to the debate on the resource-based view of the firm (RBV), and social exchange theory (SET) by examining the relationship between HRM and firm performance at both the organisational and individual levels. Based on the perspectives of RBV and SET, the influence of HRM practices is expected to positively affect the levels of employee creativity (human capital - knowledge, skills and abilities) and organisational collaboration (social capital - interaction, helping behaviours and relational connections) within the research firms. A firm’s human resources are an essential element in developing entrepreneurial behaviours that lead to a sustained competitive advantage, which eventually leads firms to have better performance.
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Kim, Huong Trang. "Financial derivatives use and firm value in East Asian non-financial firms". Thesis, Middlesex University, 2016. http://eprints.mdx.ac.uk/21375/.
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Derivatives have been using widely in the world over the last 30 years as an important risk management instrument. Although theoretical researchers suggest that derivatives usage can enhance value of a firm by alleviating costs arising from several market imperfections, the existing evidence is not quite consistent among empirical studies up to date. The purpose of this thesis, therefore, aims to examine determinants of derivatives use, a relationship between derivatives use, firm value, and exposures for a sample of 881 non-financial firms in eight East Asian countries in the 2003- 2013 period. The analysis is based on a novel and manually collected data. We find that firms in countries with lower corruption have more incentive to use financial derivatives and use derivatives with greater intensity than those firms located in highly corrupt countries. Better governance induces firms to use derivatives to hedge exposure and mitigate costs. Firms in countries with weak governance use derivatives for speculating and/or selective hedging or self-management purposes. Overall, our findings provide strong evidence of the role of countries’ governance quality in driving firms’ derivatives-related behaviors. This macro-based effect on derivatives use is independent from firm-specific factors, which are frequently invoked by hedging theories. Regarding relationship between firm value and derivatives use, using Tobin’s Q as a proxy of firm value, we find that low corruption level of home country (host country) induces the use of financial derivatives and rewards domestic firms and domestic MNCs (foreign affiliates) with higher value; this finding holds after controlling for endogeneity and self-selection bias. Hedging behavior of domestic MNCs outperforms domestic firms and foreign affiliates in terms of firm value. Derivative usage is value-enhancing activity for domestic firms and domestic MNCs, but it does not add value for foreign affiliates. During the crisis, the effect of low level of corruption on alleviating negative impacts of the crisis on derivatives usage is very modest. Yet, low corruption level of home country is positively associated with hedging premiums of domestic firms and domestic MNCs in the post-crisis period. Finally, we measure exposure to home (host) country risks, and provide novel evidence that financial derivatives use of domestic firms and domestic MNCs reduces exposure to home country risks by 11.4% and 13.4% per 1% increase in notional derivative holdings, respectively, while foreign affiliates fail to mitigate exposure to host country risks. The use of foreign currency and interest rate derivatives by domestic firms and domestic MNCs is effective in alleviating firms’ such exposures to varied degrees, but foreign affiliates using derivatives only can lower interest rate exposures. Domestic MNCs have the smallest exposures, and domestic MNCs with derivatives activities reduce exposures in the largest magnitude compared to other firms. The financial crisis weakens the effect of derivative usage on exposures, but it is stronger after the crisis than in pre-crisis period.
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Tefera, Basazinew. "Effects of derivative use on firm value: Evidence from Nordic financial firms". Thesis, Umeå universitet, Företagsekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-139431.
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Abstract Financial firms are carrying more risks than non-financial firms as they are operating with highly liquid assets. Use of derivatives is one of hedging techniques used in protecting firms from such kind of risks. There has been considerable discussion in academia of whether or not derivative usage can be considered to be value relevant. This is a question, which relate to both risk management and value maximization perspectives in terms of theory, but also discussions in regards to hedging irrelevance (M&M) and arbitrage theory as well: Does the use of derivatives affect listed Nordic financial firms’ market value, if so how? Thereby, the main purpose of this thesis is to find out whether or not there a relationship between derivative use and firm value, which would be evidenced from sample taken from listed Nordic financial firms. In addition to this main purpose, this thesis furthermore sets out to answer whether geographical diversification and firm size contribute toward the effect of derivative use on firm value. Moreover, to answer the research question, a positivist philosophical standpoint with objectivist viewpoint taken, which subsequently leads the author to utilize quantitative methods and statistical analysis to the data collected for this study. Here, different panel models are fitted to the data to account effects that exist within it. To explain the findings, a theoretical framework is built upon two main theories and prior literatures. Here, on the theories such as M&M theory as well as arbitrage theory are dealt with. On the prior literatures, different scholars finding on the derivative use and firm value relationship discussed. After looking at the results and the analysis, one can draw the conclusion that there is a positive relationship between derivative usage and firm value. The analysis this thesis took the entire 96 Nordic financial firms sample for study period of four years (2012-“015), and from this sample size 80% found derivative users and the rest are non-users. Further, the study result and analysis lead the author to conclude that derivative usage has a positive impact on Nordic financial firms’ value. Overall, this thesis can find evidence for a value-relevance of derivative usage to firm value in the Nordic markets. Essentially, Tobin’s Q ratio used as a proxy for firm value and panel data model has been used in the analysis. The test result of the study shows that there is a positive statistically and economically significant derivative use premium for Nordic financial firms. Keywords: Risk management; Hedging; Derivatives; Derivatives use; Firm value
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Van, Zyl Wiehann. "The new product development process : small firm success by studying larger firms". Thesis, Link to the online version, 2008. http://hdl.handle.net/10019/925.
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Strecker, Nanja. "Innovation strategy and firm performance an empirical study of publicly listed firms". Wiesbaden Gabler, 2007. http://d-nb.info/994651236/04.
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Brenner, Steffen. "Differentiated customers and firms". Doctoral thesis, [S.l. : s.n.], 2002. http://deposit.ddb.de/cgi-bin/dokserv?idn=964624028.
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Hansen, Thorsten. "Firms in Integrating Europe". Diss., lmu, 2010. http://nbn-resolving.de/urn:nbn:de:bvb:19-111503.
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Ainley-Walker, Mike. "Dividend behaviour of firms". Thesis, University of Oxford, 1994. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.358412.
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Armstrong, Mark. "Pricing in multiproduct firms". Thesis, University of Oxford, 1993. http://ora.ox.ac.uk/objects/uuid:3af11153-479b-48b6-a8ea-3aa2318effb6.
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This thesis is a theoretical analysis of optimal pricing by firms when consumer demands are uncertain. The purpose is to extend the familiar literature on single-product nonlinear pricing in two directions: to cases where the firm is regulated and to the case where the firm produces several products. Chapter 1 embeds these problems into the general setting of models of asymmetric information and, as well as covering existing work on the pricing decisions of firms facing adverse selection, discusses other areas including repeated contracts, auctions, signalling and the uses of what is known as the 'first-order approach'. Chapter 2 analyzes nonlinear pricing by a regulated single-product firm. As an alternative to requiring the firm to offer a given linear tariff two different types of regulation which allow nonlinear pricing are considered, namely, average revenue regulation and optional tariff regulation. Chapter 3 introduces the topic of multiproduct pricing when consumers have differing tastes for the various goods. The important simplifying assumption is that consumers wish to buy either one unit of a good or none at all. There are three main results: if consumers' taste parameters are continuously distributed then the firm will not offer all goods to all consumers; in the symmetric two-good case it is shown that (subject to a kind of 'hazard rate' condition) the firm will offer the bundle of two goods at a discount compared with the charge for the two goods separately; and the pricing strategy when the number of goods becomes large is solved approximately. Chapter 4 relaxes the assumption of unit demands and uses differential methods to analyze the multiproduct nonlinear pricing problem. In the symmetric case when taste parameters are continuously distributed the firm will choose to exclude some low-demand consumers from the market. It is shown that when parameters are independently distributed the firm will wish to introduce a degree of cross-dependence into its tariff. Sufficient conditions for a tariff to be optimal are derived and any tariff which satisfies these conditions necessarily will induce 'pure bundling', so that once a consumer decides to participate in the market at all she will choose to buy all goods. A class of cases is solved explicitly using these sufficient conditions. Since other solutions may be hard to solve analytically, a procedure for numerically generating solutions for the two-good case is described and two more solutions are described.
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Natale, Piergiovanna. "Markets, contracts and firms". Thesis, University of Exeter, 1994. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.238794.
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Lin, Ya-Wan, i 林雅婉. "Director Compensation, Board Structure and Firm Performance :Comparing Family Firms and Non-family Firms". Thesis, 2016. http://ndltd.ncl.edu.tw/handle/m675qe.
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碩士國立彰化師範大學
財務金融技術學系
104
In Taiwan, director compensation has been disclosure respectively since 2004. Based on data of listed companies on Taiwan Stock Exchange(TWSE) during 2005~2013, using multiple regression to examine the effect of director compensation and board structure on firm performance. We divided the director compensation from its structure into non-incentive compensation and incentive compensation. Furthermore, we take the factors of family and corporate governance into consideration. The results show that firm performance is influenced positively by incentive compensation, not by non-incentive compensation. We also find that the board of directors can function effectively if members of the board should not be excessive and the proportion of independent directors should be greater. But firm performance is not influenced significantly by CEO duality. Compared to non-family firms, the amount of the members in the board has a negative impact on the firm performance and board independence has monitoring effect obviously in family firms.
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Wang, Chih-Yang, i 王志洋. "Family-Controlled Firms Characteristics and Firm Performance". Thesis, 2011. http://ndltd.ncl.edu.tw/handle/38316413383312019138.
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碩士輔仁大學
會計學系碩士班
99
This paper comparing the performance of family-controlled firms versus nonfamily-controlled firms and the determinants of affecting family-controlled operation performance. This paper combines two points of view based on agency theory and stewardship theory to explore the effect of family-controlled firm performance. Based on the sample of 1,237 Taiwan listed, OTC and ROTC firms from 1996 to 2010, our results suggest that family-controlled firms are significantly better performers than nonfamily-controlled firms. Moreover, we also find professional management governance firms are significantly better performers than family-controlled firms. This empirical result is consistent with the alignment effect argument. The impact of family business performance determinants, we found family control shareholding have a positive impact for the accounting performance mainly from family members of the direct shareholding. Family directors and market performance are in a negative relationship. The family members as chairman and CEO no significant correlation with the performance. We find positive effect institutional ownership is positively associated with firm performance. We also find foreign financial institutional ownership is positively associated with stock market-based measures of firm performance only. The family-controlled firms with higher deviation of control from cash-flow rights are underperforming.
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Hsieh, Yung-Yi, i 謝咏邑. "The Relationship between Brand Value and Firm Performance-Comparison between Family Firms and Non-Family Firms". Thesis, 2013. http://ndltd.ncl.edu.tw/handle/s5t8ux.
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碩士東海大學
會計學系
101
In the past, cost control as competitive advantage of IT industry of Taiwan. But in recent years, face of China, India, Brazil, Russia and other emerging countries and Southeast Asian countries, the rise of price competition, making Taiwaness IT industry profits greatly reduced, if companies want to survive in the challenges of globalization, they would need to get into high value-added brands to develop. But the brand is not a short-term investment, it is essential to invest a lot of money and time to operating. We want to know what the deferent between Family firms operating and Non-Family firms operating? In this study, we use Least squares(OLS) explore years of the 2007-2011 Taiwan's electronics industry to research the relation of brand and firm performance in Taiwan's family firms and non-family firms. The empirical show that brand value on firm performance has a significant positive effect, which means that if the company efforts to brand management, then the firm performance will be better. In the family firm's and non-family firm's company brand value and performance moderate the effect of non-family firm's brand value on firm performance has a significant positive effect, while the family firm's brand value on firm performance has a positive incremental effect. In addition to further using wald test to compare family firm's and non-family firm's brand value and firm performance, which shows the non-family firm's brand value influence firm performance higher than family firms.
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Kuo, Yuhan, i 郭語涵. "The Relation of comparison Intellectual Capital Disclosure betweenFamily Firms and Non-Family Firms on Firm Value". Thesis, 2011. http://ndltd.ncl.edu.tw/handle/95123778203220082800.
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碩士東海大學
會計學系
100
Intellectual capital disclosure is voluntary disclosure. Intellectual capital disclosure is important to enterprises according to the interview of Goran Ross, the professor of ICS in England, held in Taiwan in 2006(Wu,2006). Also, Goran mentioned that intellectual capital disclosure is the root of firm value and a challenge that people have to face in the future because the global capital market is affected by environment. However, Yeh, Su, Ke, and Lee mentioned that over half of enterprises in Taiwan are family firm (2003). This study discusses that, among listed companies and over the counter companies in electronic information industries, whether there is a difference of intellectual capital disclosure exists on family firms and non-family firms in Taiwan. Furthermore, the study also researches that how the intellectual capital disclosure with high quality the influences on firm value. The subjects are listed companies and over the counter companies in electronic information industries from 2005 to 2009. The study also analyzes the present situation of intellectual capital disclosure by using the financial reports of family firms and non-family firms. The measurement of information transparency is adopted content analysis. The study made 40 indexes, obtained by referring related researches of intellectual capital disclosure, present the difference of intellectual capital disclosure between family firms and non-family firms on firm value. The result of the experiment appears that it is a positive relationship between intellectual capital disclosure and firm value. It means that higher intellectual capital disclosure quality, less the uncertainty of enterprise and the information asymmetry, resulting in higher firm value. Furthermore, the study discovers that non-family firms prefer to disclose much intellectual capital information than family firms. Hence, the firm value of non-family firms is higher.
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Chen, Siang Ling, i 陳湘菱. "Production Efficiency for Local Firms, Taiwanese Firms and Foreign Firms in China". Thesis, 2008. http://ndltd.ncl.edu.tw/handle/11784622451219590322.
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Liao, Pei-Chieh, i 廖沛婕. "The Default Risk between Family Firms and Nonfamily Firms - Listed Firms in China". Thesis, 2015. http://ndltd.ncl.edu.tw/handle/4785ay.
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碩士中原大學
會計研究所
103
This paper investigates whether the difference of default risk between family firms and nonfamily firms, and furthermore whether the difference of the family firms is subdivided into Hong Kong, Macao and Taiwan family firms, domestic family firms, and foreign investment family and non-family firms. In addition to using market model KMV to assess default risk, additional analysis is used in basic accounting model Z-score. We use assessment models above to detect the risk of default of the research questions. The sample about publicly traded company in Chinese on this paper is collected from the TEJ. The research period is from 2004 to 2013. Our results show that family firms have higher risk of default than nonfamily firms, and when family firms is divided into Domestic family firms compared with nonfamily firms, the domestic firms risk of default is higher, too. However, Hong Kong, Macao and Taiwan family firms, foreign family firms of risk of default compared with nonfamily firms do not significant differences. We Surmised that the period of implementation of reform and open policy is not very long , so there have something difference between family firm's business culture, corporate governance in Hong Kong , Macao , Taiwan and traditional family firms. Because of this results, our expectations are diverse Therefore, the Chinese family firms to achieve sustainable development of the business, they must learn from other countries enterprises, corporate governance, and adjustment factors contributing to the risk of default, can help the sustainable development of enterprises.
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GUO, WAN-YUN, i 郭宛畇. "The Impact of Firm Leverage on Firm Performance in M&As：The Comparison between Family Firms and Non-Family Firms in Taiwan". Thesis, 2019. http://ndltd.ncl.edu.tw/handle/r44h84.
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碩士東海大學
財務金融學系
107
This study is to explore the impact of leverage ratio of family and non-family firms on mergers and acquisitions performance. Using event-study methodologies with 940 mergers and acquisitions samples in Taiwan from January 2000 to December 2017. Firstly, we find that leverage deficit around mergers is significantly positively correlated with the mergers and acquisitions abnormal returns, on the average, family firms have underleverage, and non-family firms have over-leverage. Second, we investigate that leverage deficit affects mergers and acquisitions abnormal returns, results show that leverage deficit will positively affect short-term cumulative abnormal returns, while in the long run, leverage deficit will negatively affect cumulative abnormal returns. Using financial variables, corporate governance variables and merger and acquisition variables. We find that leverage deficit has a significant positive impact on cumulative abnormal returns during the short-term announcement date of mergers and acquisitions, Finally, we explore whether the family controls and leverage deficit affect abnormal returns. The results show that when the family controls is between 40% and 50%, there is a positive that leverage deficit has a significant positive impact on cumulative abnormal returns.
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Chen, Yu-Yen, i 陳玉晏. "The Impact of Managerial Ownership on Firm Performance and the Differences between Group Firms and Non-group Firms". Thesis, 2002. http://ndltd.ncl.edu.tw/handle/27985798648006263295.
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碩士淡江大學
產業經濟學系
90
This paper provides empirical evidence about the impacts of the two types of managerial ownership in Taiwan on firm performance and the differences between group affiliates and unaffiliated firms. We constitute a balanced panel containing information about 229 firms listed on Taiwan Stock Exchange in 1994 for the 6-year period 1995-2000. The purpose of this study is to investigate the substitutability of the two types of managerial ownership in Taiwan and the relationship between managerial ownership and firm performance and the differences between group firms and non-group firms.The empirical results show that there exist substitutability between shareholdings of individual and institutional managers and the substitutability in group and non-group firms is quite different. The substitution of institutional ownership for individual ownership in group firms is more substantial than in non-group firms. Institutional ownership creates a mechanism for group members to tie together, and hence should be more important and less substitutable in group affiliates. However, for group affiliates, because institutional ownership may cause some problems to reduce firm performance, the substitution of individual ownership for institutional ownership is more substantial than that of institutional for individual ownership. Besides, pyramids and cross-holdings are commonly used mechanisms within business groups for families to concentrate control. Both individual and institutional managerial ownership have more significant impacts on performance in unaffiliated firms because the transparency problem and reciprocal ownership caused by pyramids and cross-ownership in business groups make the performance of member firms less sensitive to the changes of managerial ownership. Our empirical results also suggest that the institutional managerial ownership in Taiwan has a negative impact on performance and conform to entrenchment hypothesis. To unaffiliated firms, institutional managers are representatives arranged by institutions, they do not really hold shareholding of the firm and they may tend to consume excess perquisites and engage in opportunistic behavior at shareholders’ expenses. For group firms, institutional managers may usually be family members, when there are interests conflicts between their families and corporations, they may consider their family interests fist and cause damage to minority shareholders. Finally, the individual managerial ownership in Taiwan does enhance firm performance. Individual ownership in Taiwan listed companies serve as a credible guarantee of bearing the cost of not maximizing the value of shares and conform to convergence -of-interest-hypothesis.
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ONG, CHUAN-FANG, i 王傳芳. "ENVIRONMENTAL MANAGEMENT AND FIRM PERFORMANCES OF MULTINATIONAL CONSTRUCTION FIRMS". Thesis, 2018. http://ndltd.ncl.edu.tw/handle/2v6548.
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博士國立臺灣大學
土木工程學研究所
106
Growing attention on environmental protection has triggered drastic changes in the corporate practices of construction firms. Several studies have shown that multinational construction firms have been relatively proactive in environmental management. However, the relationships between environmental management, degree of internationalization, and financial outcomes are not fully comprehended. This study targets on multinational construction firms and the main goals of this study are to explore relationship between environmental strategy and degree of internationalization; examine the relationship between environmental practices and financial performance; and examine the moderating effect of regional diversification on the relationship between environmental practices and the financial performance. Primarily, these relationships were established drawing from three profound management theories, Resource-based view explain how firms acquire competitive advantages from environmental management, transaction cost and organizational learning are two main perspectives that articulated firm performances with internationalization. In total, 61 samples of multinational construction firms are drawn from the Engineering News-Record (ENR) Top International Contractor list published in 2012. Content analysis was used to extract and measure the degree of proactivity of environmental management disclosed through environmental reporting. Financial and accounting information is collected through secondary data disclosed in Datastream database. Degree of internationalization is measured based on investment intensity, geographical extensity, and geographical concentration. In addition, the study adopted three different analysis approaches to achieve the targeted goals. Analysis of variance (ANOVA) and other similar extension methods, stepwise regression, and moderated regression analysis are consecutively carried out to analyze the relationships that related to the goals. Three clusters of environmental strategies have emerged from the statistical clustering which depict reactive, preventive, and proactive postures in strategic environmental management. The results denote that construction firms which are proactive in strategic environmental management would have improved internationalization to an extent where further proactivity would deem irrelevant to internationalization, and proactive firms would more likely to have greater geographical portfolio distribution in developed countries. In regards of financial performances, five environmental management practices have been revealed to significantly associated with financial performances. These practices include pollution abatement on-site, environmental scanning, management systems and procedures, environmental innovation, and stakeholder engagement. Nonlinear relationships have been detected on both pollution abatement on-site (U-curve) and environmental innovation (inverted U-shaped). These findings can assist construction firms in determining the key environmental management practices that are able to enhance their competitive edge. Furthermore, regional diversification is adopted as a moderator, forming interaction terms with environmental management practices such as pollution abatement on-site, environmental scanning, and environmental innovation to examine the impacts on financial performances. The results suggest regional diversification can be either positively or negatively moderate the relationships between environmental management and financial performances, and it depends on whether the benefits of internationalization outweigh the costs of internationalization. In a nutshell, this study provides theoretical support and empirical evidences on the linkages between environmental management, internationalization, and financial performances. Besides, it also contributes to the growing body of evidence that environmental sustainability is becoming increasingly vital to the operations of construction firms, and proper strategic environmental management can enhance a firm’s competitive advantage in the global market.
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Chen, Wen-Yen, i 陳文彥. "Analyses of Information Asymmetry:Focused Firms versus Diversified Firms". Thesis, 2008. http://ndltd.ncl.edu.tw/handle/35875346278091677626.
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碩士國立中央大學
財務金融研究所
96
This study contains 777 firms who announce earnings warnings, and analyzes information asymmetry problem among firms with different corporate structures by examining market response to earnings warning, investment opportunities and operating performance. The results indicate firms with higher level of focus will have more severe information asymmetry problem. Market will response to firms’ earnings warnings in the (-1, 2) event window. Significant positive CAR surrounds positive warnings, and significant negative reaction surrounds negative warnings. We find market will react more drastically to earnings warning announced by focused firms no matter the warning is positive or negative, and this phenomenon can be due to higher information asymmetry for focused firms. Severity of information asymmetry will also have significant impact on firms’ investment opportunities and operating performance. As shown in this study, diversified firms will gain better investment opportunities and better operating performance after earnings warnings. Based on previous literatures, the improvement of investment opportunities and operating performance may come from the lower information asymmetry, so we infer the focused firms will still have more severe information asymmetry problem after earnings warning. Overall, empirical results in this study suggest that focused firms suffer more information asymmetry problem than diversified firms before and after earnings warning.
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Hsu, Ya-Huai, i 徐雅慧. "The relationship among firm characteristics, financing behavior and firm's performance-An empirical study of Taiwan Listed Firms". Thesis, 2005. http://ndltd.ncl.edu.tw/handle/94010142026528706553.
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碩士中原大學
企業管理研究所
93
According to statistical information of indirect and direct financing, indirect financing has decreased from 1,094.8 billion in 1994 to 548.9 billion NT dollars in 2004 and direct financing has been increasing from 904.5 billion to 965.6 billion NT dollars. It has showed that more and more Taiwanese firms preferred to choose direct finance to collect funds. Moreover, Taiwan listed firms have issued bonds from 9.32 billion in 1994 to 155.7 billion NT dollars in 2004 and have issued Season Equity Offerings from 1994 to 2004 from 1,917.9 to 2,760.8 billion NT dollars from public investors. These statistic numbers have showed that most firms can’t grow up without the fund from outside of the firms; therefore, managers often have to do financing decision. After issuing bonds for several years, some firms incurred the financial crisis when they are not able to payoff the principal and interest. Hence, the purpose of this thesis is to explore whether any difference exist between firm’s short-term performance and long-term performance when firms have issued bonds, convertible bonds and Season Equity Offering. The result of this thesis has showed that bonds have led to negative abnormal returns, however convertible bonds and Season Equity Offerings have generated positive abnormal return. As of firms’ long-term performance, the bigger firms have higher probability to issue bonds, the more bonds issued and the firms with higher growth opportunity will size are, the more convertible bonds and Season Equity Offering issued.
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Yuan, Kuo-chieh, i 袁國傑. "The Impact of Private Placement on Firm Performance and Abnormal Return- Family-controlled Firms and Non-family-controlled Firms". Thesis, 2009. http://ndltd.ncl.edu.tw/handle/82091656939319400860.
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碩士國立成功大學
會計學系碩博士班
97
This study uses the sample of listed and over-the-counter firms choosing private placements and public offerings during 2005 to 2007 investigating follows. First, this study uses logistic regression model to examine how family-controlled firms and non-family-controlled firms choose between public offerings and private placements. Second, this study uses t-test to examine whether the choice of private placements and public offerings affects operating performance and abnormal returns under family-controlled firms? Third, this study uses OLS regression model to examine whether the types of private placement investors and purposes affect operating performance? Lastly, what the difference is between family-controlled firms and non-family-controlled firms under the different types of private placement investors and purposes. As to the types of private placement investors, this study follows Barclay, Holderness, and Sheehan (2007) to classify private placement investors into three types including active investors, insider investors and passive investors. The purposes can be classified into strategic alliances, improving the financial structure, and others. The evidence shows that non-family-controlled firms prefer choosing private placements, while family-controlled firms prefer choosing public offerings. Besides, the abnormal returns and returns on assets(ROA) is better when family-controlled firms choose private placements as compared to public offerings. Regarding the impacts of the three types of private placement investors, their impacts on ROA are differerent. Firms have better performance after private placements when the private placement investors are active investors and insider investors; however, firms do not have better performance after private placements when the private placement investors are passive investors. When the purpose is improving the financial structure, ROA is better after private placements. Lastly, the impacts of private placement investors on performance are weaker for family-controlled firms as compared to non-family-controlled firms. However, when the purpose is the same, there is no difference on performance between family-controlled firms and non-family-controlled firms.
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Ravikumar, P. "Effects Of Firm Size And Trading Mechanisms On Liquidity : An Empirical Analysis". Thesis, 1999. https://etd.iisc.ac.in/handle/2005/1952.
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45
Ravikumar, P. "Effects Of Firm Size And Trading Mechanisms On Liquidity : An Empirical Analysis". Thesis, 1999. http://etd.iisc.ernet.in/handle/2005/1952.
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46
Kung, Ming-Hung, i 龔洺弘. "Tax Agressiveness Between Family Firms and Non-Family Firms". Thesis, 2013. http://ndltd.ncl.edu.tw/handle/d92s6v.
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47
Machado, Luís Pedro Manso. "Exporter Firms Behaviour, Evidence from Portuguese Firms using Microdata". Master's thesis, 2018. https://hdl.handle.net/10216/113556.
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Chen, Yi-Wen, i 陳怡雯. "Earnings Management between Family Firms and Non-Family Firms". Thesis, 2017. http://ndltd.ncl.edu.tw/handle/e8cb3m.
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碩士國立臺北科技大學
經營管理系碩士班
105
In the past few years, according to statistics, numerous family firms in Taiwan increases year by year. It indicates that this kind of type of corporate is common in Taiwan. In the past, many scholars did the research on family firms, many studies pointed out that the relationship of family firms and earnings management are significant. In contrast, there are barely literatures which point out that the relationship between family firms and earnings management is insignificant. Therefore, market keeps conservative on the financial information family firms released. In 2013, Taiwan listed companies adopted International Financial Reporting Standards by the International Accounting Standards Board formally. In the past, there has been little discussions on the changes in earnings management of family firms in Taiwan after International Financial Reporting Standards. This study uses the listed companies in Taiwan for sample as the research object. And the research method uses the discretionary accruals as the measure of earnings management, and then the multiple regression analysis to explore the differences in earnings management between family firms and non-family firms. Also, we are going to compare the level of the effect after family firms and non-family firms adopting International Financial Reporting Standards. After analyzing, the degree of earnings management of family firms are close to the non-family firms, furthermore, non-family firms manipulate earnings management more easily than family firms. Also, International Financial Reporting Standards is having effects on listed company in Taiwan, and is more effective on non-family firms. Therefore, we suggest that the company could reference the information of family firms and create more chances to cooperate with each other and provide the opened market for investors to recognize family firms.
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Machado, Luís Pedro Manso. "Exporter Firms Behaviour, Evidence from Portuguese Firms using Microdata". Dissertação, 2018. https://hdl.handle.net/10216/113556.
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50
Kuo, Nai-Hsin, i 郭乃勳. "Market Structure, Firm Conduct and Performance Of Venture Capital Firms". Thesis, 2005. http://ndltd.ncl.edu.tw/handle/r9fhes.
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碩士銘傳大學
財務金融學系碩士在職專班
93
The venture capital firm has brought in Taiwan since 1984. It has developed for 20 years. As time goes by , the investment business comes to mature period from introduction period. More and more venture capital firms have been created during this period. It has 241 firms until now. The vigorous development of investment business that has great contribution for Taiwan’s economical success in the past time. Studying the papers of the Venture Capital from foreign to domain countries, all we got are these that they analyzed the organizational structure from peer to peer and more fragmentary. From these, we can’t catch the overview for the operation of Venture Capital Company. And we also can’t understand how they worked and the possible reaction paths of cause and effect. Therefore, this study was base on 「structure-Conduct-Performance」of industrial economy theory. And picked 35 local Venture Capital firms totally as empirical sample, and the sampling period is from 1996 to 2001, ,place order the municipal to share the three variableses such as market concentration rate、market share ratio and IPO ratio etc. to represent the structure factor；place order the municipal to share the five variableses such as Venture Capital fund management style、age、 diversification degree、long term investment / asset ratio and directors hold rates etc. to represent the conduct factor；place order the municipal to share the two variableses such as ROA、ROE ect, to represent the performance factor, with the least square method of three stages( Three Stage Least Square)，to find out each variable to affect the relation mutually. Overall, the results of this study support the idea that there are significant effects on the structure-conduct-performance of venture capital firms.